Bristol-Myers will license drugs to Biogen, Roche for $470M

Bristol-Myers Squibb Co. will license two of its drugs to Biogen and Roche for $470 million upfront, reports Reuters.

Here are three things to know.

1. Bristol-Myers will license an experimental drug to Biogen for progressive supranuclear palsy, a rare neurodegenerative brain disorder. The drug may also prove viable for treating Alzheimer's disease, according to Biogen, which will pay $300 million for the drug.

2. Roche will pay $170 million to receive the licensing rights for Bristol-Myers' investigational Duchenne muscular dystrophy drug.

3. Bristol-Myers expects the deals to close in the second quarter.

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